Last week, Diddy made art history when he purchased the painting “Past Times” by world renowned artist Kerry James Marshall for a record $21 million at a Sotheby’s auction. The purchase became the highest amount ever paid for a work created by a living black artist.

Apparently the move was more than an audacious display of wealth by the multi-hyphenate business mogul. TMZ spoke with Diddy’s son Quincy Brown, who said the purchase is only the beginning of a whole new business venture. "Now the art world is a different industry. That's no music industry, that's no TV film industry," Quincy explained. "That's a whole 'nother industry. That itself should tell you a lot."

According to Quincy, Diddy is seriously putting in the work and dedication to learn everything about this previously uncharted territory. “He's done it all. What's left? Collecting art," Quincy said. "Not even because he's wealthy. He's doing the research, to step into this world and really be a big dog."

Beyond art collecting, establishing new art institutions could be a project in Diddy’s future. When asked if his dad had plans to open his own version of the famous Getty Center one day, Quincy replied with a resounding, "Of course!"

Watch the full interview below.